Sunday, December 07, 2008

Developer Facing Condo Foreclosure On 275 Units. By Geniusofdespair

According to reporter Brian Bandell of the South Florida Business Journal Miami’s Wind by Neo condo in foreclosure:

"On Nov. 26, Wachovia Bank filed a notice of foreclosure against Neo Epoch 2; company officers Lissette Calderon, Maria Calderon and Frank Guerra; and contractors who held liens on the project. The document exempted the 214 residential units and four commercial units the developer sold from the foreclosure action. That means Wachovia could seize 275 residential units in the foreclosure."

There were 498 units in this 42 story condo along the Miami River. To me, this is a big chapter in the continuing saga of Real Estate doom and gloom.

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